American inflation rises; house sales up; equities hit a new record on good earnings reports; NZ$1 = US$0.866, TWI = 80.7

Here's my summary of the key news overnight in 90 seconds at 9 am, including news of a new stock index high in New York.

Global stocks rallied, while the US dollar reached an eight-month high against the euro after corporate earnings improved and data showed rising US consumer prices. 

Markets are expecting the geopolitical tensions to ease off, even as Tel Aviv airport comes under fire.

Those American consumer prices rose +2.1% in the year to June, within which food rose +2.3% and energy +3.2%. Apparently, earnings kept up with that pace as real earnings (after inflation) were unchanged over the year.

And staying in the US, the volume of homes sold (existing homes) rose to their highest level in nine months, and back above the 5 million/year rate. Median prices also rose and are now at US$223,300 (NZ$254,300) and that was the 28th consecutive month of price gains.

In Australia, the Labor Party there has called for accounting to be taken off a list of in-demand occupations for skilled migrants, saying its inclusion is adding to youth unemployment.

Back in New York, UST 10yr yields rose to 2.49% in late trade this morning. The oil price dipped on both benchmarks and gold fell as well, now at US$1,313/oz.

The New York equity rally saw the S&P500 reach a new all-time high, driven by broad-based better-than-expected earnings reports. However some of the big brands, McDonalds and Coca Cola for instance, disappointed. Apple and Microsoft have yet to report.

We start today with the NZ dollar basically lower. We are now just over 86.6 USc, at 92.3 AUc. The TWI is at 80.7.

If you want to catch up with all the changes yesterday we have an update here.

The easiest place to stay up with today's event risk is by following our Economic Calendar here »